The Liberal Democrats and Conservatives in Britain have reached a deal to join hands and establish a new government following the inconclusive parliamentary vote.

Negotiators from the two main opposition parties are going to present party members on both sides with new proposals, reported the Sky News without mentioning its source, Reuters said Monday.

Both parties have kept mum on the report.

The report comes after high-ranking officials of both Liberal Democrat and Conservative parties said they were making "good progress" in efforts to save Britain from a hung parliament.

In the aftermath of the inconclusive vote on Thursday, the Conservative and Labour parties, as main rivals, began speculating on forming a coalition government by uniting forces with the third-place Liberal Democrats.

Neither the Conservatives nor the Labour party, respectively with 306 and 258 seats, were able to secure a majority in the election, which would have allowed one of them to form a government without a coalition partner.

Reports of fraud and dissatisfaction at the electoral process have followed the election.